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Quantitative Easing as a Mechanism for Non-Traditional Monetary Policy and Implications of its Adoption in the Algerian Economy: Econometric Study using the ARDL Model

Author

Listed:
  • Salah Ayadi

    (Larbi Ben M'hidi University, Oum El Bouaghi (Algeria))

  • Abdelaouahed Serarma

    (Larbi Tebessi University of Tebessa (Algeria))

Abstract

This study aims to identify some concepts related to non-traditional monetary policy instruments, including the quantitative easing tool, and discuss the main reasons for Algeria's adoption of this instrument. The study concluded that the adoption of the policy of quantitative easing in Algeria is not to affect economic variables but to finance the budget deficit. In order to estimate the impact of monetary issuance on economic growth for 2003Q1-2018Q4, the ARDL model was used, where the results resulted in a direct relationship between M2 and GDP.

Suggested Citation

  • Salah Ayadi & Abdelaouahed Serarma, 2019. "Quantitative Easing as a Mechanism for Non-Traditional Monetary Policy and Implications of its Adoption in the Algerian Economy: Econometric Study using the ARDL Model," Management & Economics Research Journal, Faculty of Economics, Commercial and Management Sciences, Ziane Achour University of Djelfa, vol. 1(4), pages 120-140, December.
    • Handle: RePEc:alv:journl:v:1:y:2019:i:4:p:120-140
    DOI: 10.48100/merj.v1i4.65
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    More about this item

    Keywords

    Unconventional Monetary Policy; Quantitative Easing; Monetary Issuance; Budget Deficit;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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